TVA Group Inc.
TSX : TVA.B

TVA Group Inc.

November 01, 2007 09:44 ET

TVA Group Reports Net Income of $5.3 Million for the Third Quarter Ended September 30, 2007

MONTREAL, QUEBEC--(Marketwire - Nov. 1, 2007) - TVA Group Inc. (TSX:TVA.B) announces that the Company reported net income of $5.3 million, or $0.20 per share, for the third quarter of 2007, compared with a net loss of $0.8 million, or $0.03 per share, for the corresponding quarter of 2006.

Operating highlights for the third quarter:



- Growth in operating income in the Television sector of $3,941,000 or
103.8%, compared with the corresponding quarter of 2006, mainly due to:

- Growth of TVA Network's operating income resulting from the reversal of
the Part II licence fees normally payable to the CRTC for the period
from September 1, 2006 to September 30, 2007.

- Growth of 32.1% in the operating income for specialty channels.

- Decrease of 13.8% in the operating loss of SUN TV.

- The Publishing sector saw its operating income more than double compared
with the corresponding quarter of last year, growing from $1,334,000 in
2006 to $2,969,000 in 2007.

- For the second consecutive quarter, the Distribution sector significantly
improved its profitability, generating operating income of $1,247,000,
against operating income of $210,000 for the corresponding year-ago
quarter.


As a result, the Company's consolidated operating income was $11.8 million, against operating income of $4.8 million for the same quarter of 2006, representing growth of 148.1%. For the first nine months of fiscal 2007, the Company's consolidated operating income was $36.6 million, against $23.2 million for the same period of 2006, for a growth of 57.7%.

Since the beginning of the fiscal year, the Company has generated net income of $22.8 million, or $0.84 per share, compared with $9.9 million, or $0.36 per share, for the corresponding period of 2006, reflecting an improvement of 131.2%.

"We are satisfied with the financial results achieved by our three business segments for the last quarter. In the Television sector, improved profitability comes largely from our specialty channels. On a comparative basis, TVA Network's results remained stable, a direct consequence of our investments in content, advertising and promotion costs for the start of the fall 2007 season. TVA Network will continue to dominate the French-language market share in Quebec by being the leader, seven days a week", said Pierre Dion, President and Chief Executive Officer of TVA Group.

"In the Publishing sector, the continuity of our strategy to maintain market share and gradually re-establish our profit margins has helped this sector achieve a 122.6% improvement in operating income compared with the same quarter last year. Also, in the Distribution sector, the strong activity of our movies on video was mainly responsible for significantly improving the sector's profitability for the quarter", added Mr. Dion.

Cash flows from operating activities were $7.5 million for the third quarter, against $5.3 million for the corresponding year-ago period. This increase in cash flows from operating activities is mainly the result of the improvement in operating income.

TVA Group's Board of Directors today declared a dividend of $0.05 per share, payable on December 3, 2007 to Class A and B shareholders of record as at November 16, 2007. This dividend is designated to be an eligible dividend, as provided under subsection 89(14) of the Income Tax Act and its provincial counterpart.

TVA Group Inc. is an integrated communications company involved in television, production and distribution of audiovisual products, and in magazine publishing. TVA is one of the largest private sector producers and the largest private sector broadcaster of French-language entertainment, information and public affairs programming, and magazine publishing in North America. TVA also operates SUN TV, a general-interest station in Toronto. The Company's Class B shares are listed on the Toronto Stock Exchange under the ticker symbol TVA.B.

The unaudited consolidated financial statements with notes and Management's Discussion and Analysis can be consulted on TVA's Web site at: www.tva.canoe.ca

Definition of operating income

In its analysis of operating results, the Company defines operating income or operating loss as earnings (loss) before amortization, financial expenses, restructuring costs of operations, impairment of intangible assets, gain on acquisition and disposal of business, (recovery) income taxes, non-controlling interest and equity in income of companies subject to significant influence. Operating income or operating loss, as defined above, is not a measure of results that is consistent with Canadian Generally Accepted Accounting Principles ("GAAP"). Neither is it intended to be regarded as an alternative to other financial performance measures or to the statement of cash flows as a measure of liquidity. This measure is not intended to represent funds available for debt service, dividend payment, reinvestment or other discretionary uses, and should not be considered in isolation or as a substitute for other performance measures prepared in accordance with Canadian GAAP. Operating income is used by the Company because management believes it is a meaningful measurement of performance.

This measure is used by senior management and the Board of Directors to evaluate the consolidated results of the Company and its sectors' results. Measurements such as operating income are also commonly used by the investment community to analyze and compare the performance of companies in the industries in which we are engaged. The Company's definition of operating income may not be identical to similarly titled measures reported by other companies.

Forward-looking information disclaimer

The statements in this news release that are not historical facts are forward-looking statements and are subject to important known and unknown risks, uncertainties and assumptions which could cause the Company's actual results for future periods to differ materially from those set forth in the forward-looking statements. Certain factors that may cause actual results to differ from current expectations include seasonality, operational risks (including pricing actions by competitors), capital investment risks, environmental risks, credit risk, government regulation risks, governmental assistance risks and general changes in the economic environment. Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and that undue reliance should not be placed on any forward-looking statements. For more information on the risks, uncertainties and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the Company's public filings available at www.sedar.com and www.tva.canoe.ca including, in particular, the "Risks and Uncertainties" section of the Company's annual Management's Discussion and Analysis for the year ended December 31, 2006, and the updated information in the Company's current Management's Discussion and Analysis.

The forward-looking statements in this news release reflect the Company's expectations as of November 1, 2007, and are subject to change after this date. The Company expressly disclaims any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by the applicable securities laws.



TVA GROUP INC.
Consolidated statements of income
(unaudited)
(in thousands of dollars, except per share amounts)

---------------------------------------------------------------------------
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Three-month periods Nine-month periods
ended September 30 ended September 30
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2007 2006 2007 2006
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Operating revenues $91,620 $79,014 $291,413 $273,375
Operating, selling and
administrative expenses 79,796 74,249 254,826 250,178
Amortization of fixed
assets and start-up
costs 3,157 3,321 9,637 10,486
Financial expenses 1,241 1,371 3,414 3,949
Restructuring costs of
operations (note 4) 527 1,898 1,739 1,898
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Income (loss) before
income taxes,
non-controlling interest
and equity in income
of companies subject
to significant
influence $6,899 $(1,825) $21,797 $6,864
Income taxes (recovery)
(note 5) 2,350 (21) 1,992 201
Non-controlling interest (721) (783) (2,177) (2,621)
Equity in income of
companies subject to
significant influence (4) (201) (796) (570)

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NET INCOME (NET LOSS) AND
COMPREHENSIVE INCOME $5,274 $(820) $22,778 $9,854
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EARNINGS (LOSS) PER SHARE
Basic and diluted
(note 8 b) $0.20 $(0.03) $0.84 $0.36
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See accompanying notes to consolidated financial statements



Consolidated statements of retained earnings
(unaudited)
(in thousands of dollars)

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Nine-month periods
ended September 30
---------------------------------------------------------------------------
2007 2006
---------------------------------------------------------------------------
Balance, at beginning of period $62,631 $71,280
Net income 22,778 9,854
Dividends paid (4,054) (4,054)
Share redemption - excess of purchase price
over net carrying value - (104)
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Balance, at end of period $81,355 $76,976
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See accompanying notes to consolidated financial statements


TVA GROUP INC.
Consolidated balance sheets
(in thousands of dollars)

---------------------------------------------------------------------------
---------------------------------------------------------------------------
Sept. 30, Dec. 31,
2007 2006
(unaudited) (audited)
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ASSETS
Current assets
Cash $3,590 $2,956
Accounts receivable 92,762 103,637
Current income tax assets 1,402 8,992
Investments in televisual products and films 49,361 42,221
Inventories and prepaid expenses 6,965 6,259
Future income tax assets 3,143 $4,267
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157,223 168,332

Investments in televisual products and films 32,473 27,186
Investments 55,891 55,227
Fixed assets 74,059 74,038
Future income tax assets 3,332 3,448
Other assets 8,260 8,213
Licences 69,589 69,589
Goodwill 72,131 71,868
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$472,958 $477,901
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Bank overdraft $2,015 $-
Accounts payable and accrued liabilities 74,913 76, 589
Current income tax liabilities (note 5) 4,931 6,051
Broadcast and distribution rights payable 27,358 22,867
Deferred revenue 6,333 7,022
Deferred credit 583 864
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116,133 113,393

Broadcast rights payable 5,124 3,226
Long-term debt 70,499 96,515
Future income tax liabilities (note 5) 42,082 44,331
Others liabilities 662 610
Non-controlling interest and redeemable
preferred shares (note 7) 38,207 38,334
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272,707 296,409
SHAREHOLDERS' EQUITY
Capital stock (note 8) 115,137 115,137
Contributed surplus 3,759 3,724
Retained earnings 81,355 62,631
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200,251 181,492
Contingency (note 12)
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$472,958 $477,901
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See accompanying notes to consolidated financial statements



TVA GROUP INC.
Consolidated statements of cash flows
(unaudited)
(in thousands of dollars)

---------------------------------------------------------------------------
---------------------------------------------------------------------------
Three-month periods Nine-month periods
ended September 30 ended September 30
---------------------------------------------------------------------------
2007 2006 2007 2006
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CASH FLOWS FROM
OPERATING ACTIVITIES
Net income (net loss) $5,274 $(820) $22,778 $9,854
Non-cash items
Amortization 3,179 3,342 9,703 10,551
Equity in income of
companies subject
to significant
influence (4) (201) (796) (570)
Non-controlling
interest (721) (783) (2,177) (2,621)
Tax benefits relating
to tax deductions
(note 5) - - (3,670) -
Impairment of an
intangible asset
(note 4) - 744 - 744
Future income taxes (29) (724) (1,332) (1,961)
Others 208 (145) (467) 102
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Cash flows provided by
current operations 7,907 1,413 24,039 16,099
Net change in non-cash
items (361) 3,862 15,008 8,050
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Cash flows from operating
activities 7,546 5,275 39,047 24,149
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CASH FLOWS FROM
INVESTING ACTIVITIES
Additions to fixed
assets (3,453) (1,820) (9,735) (5,401)
Business acquisition
(note 6) (274) - (2,899) -
Proceeds from disposal
of a business - - - 91
Deferred charges - - - (286)
Decrease in investments 226 226 226 549
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Cash flows from investing
activities (3,501) (1,594) (12,408) (5,047)
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CASH FLOWS FROM
FINANCING ACTIVITIES
Bank overdraft (1,985) 2,965 2,015 (1,107)
Decrease in long-term
debt (951) (2,594) (26,016) (14,647)
Class B share
redemption - - - (154)
Issuance of shares of
a subsidiary (note 7) 750 1,125 2,050 4,858
Dividends paid (1,352) (1,352) (4,054) (4,054)
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Cash flows from
financing activities (3,538) 144 (26,005) (15,104)
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Net change in cash 507 3,825 634 3,998
Cash, at beginning 3,083 1,930 2,956 1,757
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Cash, at end $3,590 $5,755 3,590 $5,755
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SUPPLEMENTAL INFORMATION
Interest paid 926 1,283 3,131 3,787
Income taxes (received)
paid (806) 703 (3,155) 4,322
Additions to fixed
assets financed by
accounts payable and
accrued liabilities
at end of period 1,521 1,438
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See accompanying notes to consolidated financial statements



TVA GROUP INC.
Notes to consolidated financial statements
Three-month and nine-month periods ended September 30, 2007 and 2006
(unaudited)
(Amounts presented in the tables are expressed in thousands of dollars,
except per-share and per-option amounts)


1. FINANCIAL STATEMENT PRESENTATION

These consolidated financial statements have been prepared in conformity with Canadian Generally Accepted Accounting Principles ("GAAP"). With the exception of the accounting policies presented in Note 2 for the current quarter, the same accounting policies described in the consolidated financial statements included in the latest annual report of TVA Group Inc. ("the Company") have been used. However, these consolidated financial statements do not include all disclosures required under Canadian GAAP for an annual report and accordingly should be read in conjunction with the Company's latest annual consolidated financial statements and the notes thereto.

Some of the Company's businesses experience significant seasonality effects due to, among other things, seasonal advertising patterns and their influence on people's viewing, reading and listening habits. Because the Company depends on the sale of advertising for a significant portion of its revenue, operating results are also sensitive to prevailing economic conditions, including changes in local, regional and national economic conditions, particularly as they may affect advertising expenditures. Accordingly, the results of operations for interim periods should not necessarily be considered indicative of full-year results due to the seasonality of certain operations.

2. CHANGES IN ACCOUNTING POLICIES

Effective January 1, 2007, the Company adopted the Canadian Institute of Chartered Accountants (CICA) Handbook Section 1530, Comprehensive Income and Section 3855, Financial Instruments - Recognition and Measurement. Changes in accounting policies in conformity with these new accounting standards are as follows:

a) Comprehensive Income

Section 1530 introduces comprehensive income, which is calculated by adding other comprehensive income to net income. Other comprehensive income represents changes in shareholders' equity arising from transactions and other events with non-owner sources such as unrealized gains and losses on financial assets classified as available-for-sale.

b) Financial Instruments

Section 3855 establishes standards for recognizing and measuring financial assets, financial liabilities and derivatives. Under these standards, financial instruments are now classified as held-for-trading, available-for-sale, held-to-maturity, receivables, or other financial liabilities and measurement in subsequent periods depends on their classification. Transaction costs are expensed as incurred for financial instruments classified as held-for-trading. For other financial instruments, transaction costs are capitalized on initial recognition and presented in reduction of the underlying financial instruments.

Financial assets and financial liabilities held-for-trading are measured at fair value with changes recognized in income. Available-for-sale financial assets are measured at fair value or at cost, in the case of financial assets that do not have a quoted market price in an active market and changes in fair value are recorded in comprehensive income. Financial assets held-to-maturity, receivables, and other financial liabilities are measured at amortized cost using the effective interest method of amortization. The Company has classified its cash and cash equivalent as held for trading. Trade receivables and receivables from related parties were classified as receivables. Portfolio investments include in the investments were classified as available-for-sales. All of the Company's financial liabilities were classified as other liabilities.

Derivative instruments are recorded as financial assets or liabilities at fair value, including those derivatives that are embedded in financial or non-financial contracts that are not closely related to the host contracts. Changes in the fair values of the derivatives are recognized in financial expenses with the exception of derivatives designated in a cash flow hedge for which hedge accounting is used. In accordance with the new standards, the Company selected January 1, 2003 as its transition date for embedded derivatives.

The adoption of these new sections did not have an significant effect on the consolidated financial statements.

3. GOODWILL AND LICENCES

During the second quarter of 2007, the Company changed the date of its annual impairment tests for its broadcasting licences and goodwill from October 1 to April 1. Accordingly, the Company performed its impairment tests for goodwill and broadcasting licences on April 1 and concluded that there was no impairment to be recorded.

4. RESTRUCTURING COSTS OF OPERATIONS

During the quarter, the Company recorded a provision for restructuring cost of $527,000 following the elimination of positions in its Television sector.

Since the beginning of the current fiscal year, the Company recorded a provision for restructuring cost of $1,739,000. A provision of $978,000 was recorded following the elimination of positions in the Television and Publishing sectors, and a provision of $761,000 was recorded for new litigation relating to the production activities of its former subsidiary, TVA Acquisition Inc.

During the third quarter of 2006, the Company recorded a provision for a restructuring cost of $1,154,000 following the announcement of the elimination of some twenty positions in its Television sector. The Company also recorded its share in the impairment of an intangible asset, consisting of the operating licence for a co-owned magazine, amounting to $744,000.

5. INCOME TAXES (RECOVERY)

During the second quarter, following the federal government's adoption of Bill C-33, which provides for the modification of the deduction multiple for tax deductions, the Company recognized into income tax benefits an amount of $3,670,000 that had been recorded as an income tax liability pending the official enactment of the Bill by taxation authorities. Additionally, following recent reductions in federal income tax rates for 2011 and subsequent years, and in light of the evolution of tax auditing, jurisprudence and tax legislation, the Company reduced its future tax liabilities by $2,057,000 during the first two quarters of fiscal 2007.

6. ACQUISITION OF BUSINESS

On July 30, 2007, the Company acquired all of the issued and outstanding shares in Animal Hebdo inc., the company that publishes Animal magazine, for a total consideration of $274,000. Given that the preliminary purchase price allocation was not completed as at September 30, 2007, the amounts allocated to assets and liabilities are subject to further adjustments. Effective July 30, 2007, the new magazine's operating income has been included in the Company's consolidated statement of income.

On January 8, 2007, the Company made the final payment of the purchase price for the conventional television station in Toronto, SUN TV, including a working capital adjustment of $2,625,000.

7. NON-CONTROLLING INTEREST

On September 7, 2007, a subsidiary of the Company, SUN TV Company, in which the Company has a 75% interest and that operates the SUN TV television station, obtained from its non-controlling shareholder an investment in its capital stock of $750,000 ($1,125,000 in 2006), bringing the investments obtained since the beginning of 2007 to $2,050,000 ($4,858,000 in 2006). The respective percentage interests in SUN TV Company remain unchanged.

8. CAPITAL STOCK



a) Number of shares outstanding

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Sept. 30, 2007 Dec. 31, 2006
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Class A common shares 4,320,000 4,320,000
Actions classe B 22,704,848 22,704,848
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27,024,848 27,024,848
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b) Earnings (loss) per share

The following table provides the calculation of basic and diluted earnings
(loss) per share:

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Three-month periods Nine-month periods
ended September 30 ended September 30
---------------------------------------------------------------------------
2007 2006 2007 2006
---------------------------------------------------------------------------
Net income (Net loss) $5,274 $(820) $22,778 $9,854
Weighted average
number of shares
outstanding 27,024,848 27,024,848 27,024,848 27,025,960
Effect of dilutive
stock options 6,483 - 6,773 190
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Weighted average
number of diluted
shares outstanding 27,031,331 27,024,848 27,031,621 27,026,150
Basic and diluted
earnings (loss) per
share $0.20 $(0.03) $0.84 $0.36
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9. STOCK-BASED COMPENSATION AND OTHER STOCK-BASED PAYMENTS

---------------------------------------------------------------------------
---------------------------------------------------------------------------
Three-month period Nine-month period
ended September 30, 2007 ended September 30, 2007
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Conventional Quebecor Conventional Quebecor
Class B Media Inc. Class B Media Inc.
stock stock stock stock
options options options options
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Balance at beginning 456,041 129,118 489,695 129,118
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Granted 24,009 - 24,009 -
Cancelled (34,223) (5,522) (67,877) (5,522)
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Balance as at
Sept. 30, 2007 445,827 123,596 445,827 123,596
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Of the options outstanding as at September 30, 2007, 84,082 conventional Class B stock options at an average exercise price of $20.61 and 61,395 Quebecor Media Inc. stock options at an average exercise price of $17.58 can be exercised.

10. GUARANTEES

The maximum exposure in respect of the guaranteed portion of the residual values of certain assets under operating leases to the benefit of the lessor is $828,000. As at September 30, 2007, the Company did not record any liability related to these guarantees.

11. PENSION PLANS AND OTHER RETIREMENT BENEFITS

The Company maintains defined benefit and defined contribution pension plans for its employees. In addition, under an old plan, the Company maintains for certain retired employees other retirement benefits, such as health, life and dental insurance plans. Total costs for these benefits are as follows:



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Three-month periods Nine-month periods
ended September 30 ended September 30
---------------------------------------------------------------------------
2007 2006 2007 2006
---------------------------------------------------------------------------
Pension plans
Defined benefit plans $1,176 $889 $3,063 $2,667
Defined contribution
plans $584 $592 $1,643 $1,685

Other retirement
benefits $46 $74 $139 $221
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12. CONTINGENCY

In 2003 and 2004, a number of companies, including TVA Group Inc., brought a suit against the Crown before the Federal Court, alleging that the Part II licence fees that broadcasters are required to pay annually constitute, in fact and in law, taxes, not fees. On December 14, 2006, the Federal Court decreed that these fees did indeed constitute taxes, that the Canadian Radio-television and Telecommunications Commission ("CRTC") was to cease collection of such fees, and ordered that the plaintiff companies would not be entitled to a reimbursement of the amounts already paid. On October 1, 2007, the CRTC issued a document, stating that it would adhere to the decision that was rendered and that it would not collect, in 2007 or in any subsequent years, the Part II licence fees payable on November 30 of each year unless a Superior Court reversed the Federal Court decision. The management considers it more unlikely than not that the decision will be overturned.

Following the publication of this document, and after having evaluated the various aspects of the case, the Company reversed the amount of $3,238,000, representing thirteen months of Part II licence fees, in its operating results for the third quarter. The plaintiffs and the defendant both filed an appeal before the Federal Court of Appeal. Depending on the outcome of the Federal Court of Appeal's decision, the Company may be required to pay these fees for 2007 and subsequent years.

13. SEGMENTED INFORMATION

The following table includes information on operating income, as well as information on assets:



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Three-month periods Nine-month periods
ended September 30 ended September 30
---------------------------------------------------------------------------
2007 2006 2007 2006
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Operating revenues
Television $67,194 $59,776 $222,297 $213,277
Publishing 21,291 19,296 59,886 57,664
Distribution 4,129 2,583 13,103 8,894
Intersegment items (994) (2,641) (3,873) (6,460)
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91,620 79,014 291,413 273,375
Operating, selling and
administrative expenses
Television 59,458 55,981 191,549 189,354
Publishing 18,322 17,962 53,651 56,611
Distribution 2,882 2,373 13,310 10,099
Intersegment items (866) (2,067) (3,684) (5,886)
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79,796 74,249 254,826 250,178
Income before
amortization, financial
expenses, restructuring
costs of operations,
income taxes (recovery),
non-controlling interest
and equity in income of
companies subject to
significant influence
Television 7,736 3,795 30,748 23,923
Publishing 2,969 1,334 6,235 1,053
Distribution 1,247 210 (207) (1,205)
Intersegment items (128) (574) (189) (574)
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$11,824 $4,765 $36,587 $23,197
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The intersegment items mentioned above represent the elimination of normal
course business transactions made between the Company's business segments
regarding revenues, expenses and unrealized profit.


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September 30, December 31,
2007 2006
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Total assets
Television $355,438 $362,597
Publishing 88,562 85,071
Distribution 17,696 18,971
Unallocated items 11,262 11,262
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$472,958 $477,901
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14. COMPARATIVE FIGURES

Certain 2006 comparative figures have been reclassified to conform to the basis of presentation adopted in 2007.

Contact Information

  • TVA Group Inc.
    Denis Rozon, CA
    Vice-President and Chief Financial Officer
    514-598-2808